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What’s The Deal With Debt Consolidation And Can It Really Save You Thousands On Your Credit Cards?
There is absolutely nothing as stressful as having a huge amount of money on credit cards. Interest means the amount of debt a person owes on their credit cards keeps building, and just making the minimum payment each month will barely even make a dent.
Everyone’s heard all of the common get out of credit card debt advice before: get a side hustle, cut back on your monthly expenses, throw every penny you have at that credit card debt.
Well, the startup Fiona has a different solution — they want to dramatically cut back how much people are spending on credit card interest.
This Startup Wants To Help People Pay Off Credit Card Debt Faster
You might have heard the term “debt consolidation” get passed around. In a nutshell: Take out a loan to pay back credit card debt at a low-interest rate. By lowering how much your interest rate is, you’ll ultimately end up spending much less on that debt.
But how does someone even get one of these loans?
That’s where Fiona comes in because they are making it easier than it ever has been to figure out what options are available. On the site it’s incredibly easy to compare interest rates from a number of lenders, which start a 3.84%. Repayment plans range from 24 to 84 months. And, depending on your credit score, you can borrow up to $100,000
Is This For You?
Now we know what you are thinking, a loan to pay off credit cards? Say you have $22,000 on a few credit cards with interest rates that start at 14% and go up to 26% (it seems crazy, but a lot of people are in this situation). Say you can refinance all of your credit cards with a loan with 5% interest and just one monthly payment. You are going to save thousands on interest and also ensure that the debt gets paid back in a set period of time. That’s a big win.
At the very least it’s worth checking to see what rates are available to you on Fiona because it won’t hurt your credit score! Head to Fiona now to see how much you could save!
Feature Image: Twenty20
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